How Big Data Can Help You Win Clients and Generate Profit
There is no such area in which big data analytics wouldn’t be used.
With the help of analytics, companies can predict customer behavior, optimize promotions and prices, and prepare marketing campaigns. If you still doubt the effectiveness of Big Data for business or want to know more about big data benefits, we have prepared for you some examples of how companies can benefit from using its capabilities.
Big Data and risk mitigation
Banks constantly face great risks due to the fact that they cannot be sure of the solvency of customers who take loans. The solution to the problem is Big Data technology. It consists of analyzing a person’s profile and compiling his psychological portrait based on 5 traits: conscientiousness, openness, sociability, law-abidingness, and emotional stability. Doing that, banks are able to issue loans much faster to a larger number of entrepreneurs.
Big Data and industry leadership
Tesla uses big data to improve the quality of its vehicles. All of the company’s machines are connected to a common cloud, which collects data on the technical condition in real-time. Back in 2014, this helped the company to timely eliminate overheating that arose on some models.
Today Tesla collects data not only about cars but also about their drivers. Cars have sensors that track the position of the driver’s hands while driving and other characteristics. This helps to improve cars and adapt them to the needs of consumers.
Big Data and customer rescue
Data helps companies find their customers and give them what they need. For example, during the pandemic, a lot of flights were canceled at different airports and regions. Because of this, hundreds of thousands of people were stuck in airports every day. The governments and airplane companies had to quickly analyze information on cancellations and managed to redistribute passengers to other flights. These tasks would be way beyond human capability without business analytics tools.
Big Data and creativity
An example of the use of big data in Russia is the Burger King fast-food campaign. The brand’s team knew that in cold weather, people tend to choose hot meals and drinks, and in hot weather, they prefer cold ones. Therefore, they introduced advertisement banners that changed depending on the air temperature and thus adapted to the expectations of consumers. When it got hot outside, creative ads with milkshakes were broadcasted on the screens, and when it got colder, only images with hot dishes. The campaign ran in real time, showing visitors the foods they were most likely to want to buy and generated Burger King a lot of profit.
Regardless of what your business branch is, you can apply Big Data Analytics for amazing results.
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